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15 Superannuation system

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Superannuation system chapter

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Superannuation system chapter tables

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Superannuation system Detailed tables and descriptions

 

Taxation statistics - whole document

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Superannuation (super) is a specifically designed long-term investment vehicle for individuals' retirement savings. The retirement income system includes:

  • a compulsory element of super - the superannuation guarantee - which requires employers to contribute a minimum level to their employees' super accounts
  • a voluntary level of super encouraged by tax concessions and the government's co-contribution scheme
  • the age pension and associated social security arrangements that provide an income safety net for retirees.

The ATO plays a major role in administering the compulsory and voluntary elements of the super system. During the period covered by these statistics, the ATO has had responsibility for:

  • income tax on super funds (reported in chapter 4)
  • the other income tax aspects of super
  • the superannuation guarantee
  • the superannuation holding accounts special account
  • the lost members register
  • unclaimed super monies
  • departing Australia super payments
  • the regulation of self-managed super funds
  • the co-contributions system
  • excess contributions tax on individuals
  • the superannuation contributions surcharge
  • the termination payments surcharge
  • the temporary residents measure.

An increasing number of Australians are directly affected by Australia's super system tax regime. By 30 June 2011, there were:

  • approximately 1.4 million registered employers
  • 460,545 super funds
  • $1.34 trillion in total assets held by super funds.

As at 30 June 2010, approximately 89% of employees had some form of super and there were approximately 32.9 million member super accounts.

During the 2009-10 financial year, there were:

  • $34.3 billion in member contributions
  • $72.0 billion in employer contributions
  • $60.4 billion in member benefit payments.

OVERVIEW

During the 2010-11 financial year:

  • the number of self-managed super funds grew by 7.7%, while the total value of assets held by these funds grew by an estimated 11.9%
  • there were approximately 1.1 million co-contribution entitlements determined and paid, totalling $679 million
  • the lost members register continued to grow, with the total value of lost accounts increasing by 7.4% from $18.8 billion on 30 June 2010 to $20.2 billion on 30 June 2011.

 

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